There is a common saying which says that a woman is the full circle and within her lies the power to create, nurture and transform. South Africa’s population census shows that the country has 26,581, 769 women which amounts to 51.3%. It’s therefore not surprising that government has put in place policies and measures aimed at empowering this group of people. One institution which has tapped into this women friendly environment is Absa.
Absa has positioned itself to be the perfect vehicle for women empowerment by introducing the Women Empowerment Fund.This loan offers cash amounts from a minimum of R50,000 to a maximum of R3 million with a maximum loan term of five years and monthly reducible overdrafts. Women empowerment fund has been designed in such a way that 70% of the loan is paid directly to the suppliers and the interest rate will be linked to the prime lending rate and will be structured according to the lending risk.
To qualify for this credit facility, you must be a South African woman permanently residing in South Africa, the business must be a Small to Medium Enterprise (SME), you must be in a position that you cant qualify for a business loan under normal banking criteria due to poor credit records, you must be a majority shareholder and be involved in day to day running of the business, have the skills and expertise relevant to your business, have a well researched business plan, show business profitability through historical financials or a realistic cash flow forecast, operate in an approved industry, show evidence of a revenue stream and your main transactional account must be held with Absa as no split banking is allowed.
Those excluded from applying for this loan include non-South African citizens, money raising ventures, enrichment schemes, all trusts, public companies and section 21 companies as well as commercial and residential property finance.
To access this loan, Absa can be contacted on 0860040302.